What to do after April 15 (and what records you can finally toss)

With the April 15 tax filing deadline in the rearview mirror, you’re likely to turn your attention to other things. But before you do, it’s in your ...

Internal vs external audits: Which does your business need?

Both internal and external audits play vital roles in safeguarding your organization’s financial integrity. They share the common goals of promoting ...

ACA penalties are climbing in 2026. Is your reporting ready?

Many small businesses don’t have enough employees to worry about the play-or-pay provisions of the Affordable Care Act (ACA). However, as your ...

Material Participation: What LLP and LLC Owners Need to Know

The passive activity loss (PAL) rules may limit your ability to deduct losses from a business structured as a limited liability partnership (LLP) or ...

Is December 31 the Wrong Year End for Your Business?

Most businesses close their books for tax and accounting purposes on December 31 because it aligns with the calendar year. But a calendar year isn’t ...

2026 Tax Changes You Should Already Be Planning For

The many tax-related provisions that went into effect last year after the One Big Beautiful Bill Act (OBBBA) was signed into law are affecting 2025 ...

A Major Tax Break for Businesses That Build

Missed the March 20 Deadline? Your Return Is Likely Being Extended.

As we approach April 15, we want to make sure every client understands where things stand and what to expect next.

AI Tools for Small Business Bookkeeping

Many time-consuming accounting and bookkeeping tasks, from coding transactions to analyzing financials, can now be handled faster and more ...

Accounting Missteps That Trip Up New Businesses

Launching a start-up comes with no shortage of big decisions and fast-moving priorities. In the rush to grow, financial fundamentals can sometimes ...

Maximize Depreciation Deductions on Your 2025 Tax Return

The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of ...

Set Up a SEP Retirement Plan and Reduce Your 2025 Taxes

If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file ...

New Depreciation Rules for Hospitality

If you own a restaurant, bar, food truck, or entertainment venue, the One Big Beautiful Bill Act (OBBBA) just handed you one of the most significant ...

Tax Credits Every Restaurant Owner Should Know

Running a restaurant means managing tight margins, rising labor costs, and constant operational pressure. The good news? Several federal tax credits ...

Before You Buy: Red Flags in an M&A Target’s Financials

Do your company’s 2026 strategic plans include a business acquisition? Whether you already have your eye on a target or are still weighing options, ...

Four Ways to Read and Strengthen Your Balance Sheet

The balance sheet shows your company’s financial condition — its assets vs. liabilities — at a specific point in time. However, the balance sheet is ...

Groundhog Day Deadline: What Your Business Must File

Normally businesses must furnish certain information returns to workers and submit them to the federal government by January 31. But this year, that ...

Pass Through Entities: Key Filing Deadlines and Updates

Do you operate a business as a partnership, a limited liability company (LLC) treated as a partnership for tax purposes or an S corporation? In tax ...

Year-End Reminder: Don’t Overlook Your PTO Accruals

As 2025 winds down, it’s important to review your company’s accounting for unused paid time off (PTO). Many employers allow employees to carry ...

Hiring a Bookkeeper for Your Small Business

Choosing the right bookkeeper is one of the most important staffing decisions your business will make. A skilled bookkeeper maintains accurate ...

Significant Changes to Information Reporting Begin in 2026

If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful ...

New Law Eases the Limitation on Business Interest Expense Deductions

Interest paid or accrued by a business is generally deductible for federal tax purposes. But limitations apply. Now, some changes under the One Big ...

Reduce Your 2025 Tax Bill with Year-End Planning

The One Big Beautiful Bill Act (OBBBA) shifts the landscape for year-end tax planning. The law has significant implications for some of the most ...

Business Gifts: What You Can Deduct and How to Stay Compliant

Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also deliver tax benefits when handled correctly. ...

Year-End Tax Planning Tips for Accrual-Basis Businesses

Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally ...

Is Your Accounting Software Helping You or Holding You Back?

When buying new accounting software or upgrading your existing solution, it’s critical to evaluate your options carefully. The right platform can ...

Five Ways to Improve Your Billing Process and Accelerate Cash Flow

When your business is growing, billing can easily fade into the background. After all, once invoices go out and payments come in, it may seem like ...

Four Year-End Planning Steps to Trim Your 2025 Taxes

Now is the time of year when taxpayers search for last-minute moves to reduce their federal income tax liability. Adding to the complexity this year ...

What Do the 2026 Cost-of-Living Adjustment Figures Mean for You?

The IRS recently issued its 2026 cost-of-living adjustments for more than 60 tax provisions. The One Big Beautiful Bill Act (OBBBA) makes permanent ...

Year-End Review: Identifying Opportunities to Cut Costs

As 2025 winds down, business owners and managers are ramping up their planning efforts for the new year. Part of the annual budgeting process ...

Strategies to Prevent Abuse of Friends & Family Discount

Many small businesses offer discounts to employees, friends, family, or loyal customers as a gesture of appreciation. While these programs can ...

Review Your Business Expenses Before Year-End

As 2025 comes to a close, it’s a good time to review your business expenses and identify which costs qualify as deductible. Accelerating deductible ...

Benefits of Catch-Up Retirement Contributions After 50

If you’re age 50 or older, you have a unique opportunity to strengthen your retirement savings through additional “catch-up” contributions to your ...

New Rules Could Boost Your R&E Tax Savings In 2025

A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) ...

What You Need To Know About Mandatory Electronic IRS Payments

Beginning September 30, 2025, all payments made to or from the IRS must be electronic under Executive Order 14247, Modernizing Payments to and From ...

Employer Requirements Under OBBBA

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduces new federal income tax deductions for eligible employee overtime ...

Breaking Down The Basics: Form 990 FAQs

Form 990 is more than just a tax form; it’s a vital tool for nonprofit transparency and credibility. Whether you’re a new board member or an ...

Educators Can Deduct Costs With Expanded Benefits On The Horizon

With a new school year beginning, not only are parents buying new school supplies, but teachers are as well. As teachers prepare their classrooms, ...

Alternative Minimum Tax: What You Still Need to Know

The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The ...

The New Law Includes a Game-Changer for Business Payment Reporting

The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law ...

How Will the Changes to the SALT Deduction Affect Your Tax Planning?

The One Big Beautiful Bill Act (OBBBA) shifts the landscape for federal income tax deductions for state and local taxes (SALT), albeit temporarily. ...

A Tax Guide to Choosing the Right Business Entity

One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice ...

Audit Alert: Beware Of Potential Conflicts of Interest

As year end approaches, many businesses will soon be preparing for their annual audits. One key consideration is ensuring there are no potential ...

What Taxpayers Need to Know About the IRS Ending Paper Checks

The federal government has announced a major change that will affect how numerous Americans receive their tax refunds and federal benefit payments. ...

What Businesses Need to Know About the New Depreciation Rules

The "One Big Beautiful Bill Act" (OBBBA) includes several favorable changes for small business taxpayers. Among the most impactful are expanded and ...

Business Expense Deductions: DOs and DON'Ts to Protect Your Write-Offs

If you're claiming deductions for business-related expenses, especially meals, vehicle use, or home office costs, expect the IRS to scrutinize them. ...

The Triple Play: 3 Key Financial Reports Every Business Should Use

In baseball, a triple play is a rare but powerful defensive move that can shut down the competition in one swift motion. In business, your version of ...

Paying Medicare Premiums? You Could Qualify for a Tax Break

If you're age 65 or older and enrolled in Medicare, chances are you're paying premiums for various types of coverage and possibly incurring other ...

Milestone Moments: How Age Affects Certain Tax Provisions

As we celebrate birthdays and life events, it's easy to overlook the fact that certain ages trigger significant tax and financial changes. Whether ...

Put Qualified Charitable Distributions to Work for Your Nonprofit

A Qualified Charitable Distribution allows individuals aged 70½ or older to donate up to $100,000 directly from their traditional IRA to a qualified ...

Five Tax Breaks to Consider: What Business Owners Need to Know

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed ...

R&E Deductibility May Return Under New Bill

The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies ...

How to Turn F&A Turnover into a Business Opportunity

Turnover in finance and accounting (F&A) leadership is increasing. In 2024, CFO turnover among Standard & Poor’s 500 companies hit 17.8%, ...

Hiring Contractors? Make Sure You’re Compliant.

Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among ...

Is Your Salary Reasonable in the Eyes of the IRS?

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s ...

QuickBooks Tips: Master Your Monthly Close

The month-end close is a pain point for many small to midsize businesses. While internal accounting teams often aim to wrap up the close within three ...

Risky Business: How Auditors Help Prevent Fraud

In today’s volatile economic climate, organizations face mounting pressures that can increase the risk of fraudulent activities. Auditors play a ...

Beyond the Fraud Risk Assessment: Managing Nuanced Threats

Annual fraud risk assessments are valuable tools for identifying obvious threats and documenting the internal controls in place to address them. ...

Turn Business Losses Into Future Tax Savings

Even successful businesses experience occasional down years. Fortunately, the federal tax code provides a way to help offset those losses, ...

Step-Up in Basis: A Powerful Estate Planning Tool

Inheriting assets from a loved one can come with a significant—but often misunderstood—tax benefit known as the step-up in basis. This provision can ...

Why Industry Risk Matters in Business Valuation

When valuing a private business, IRS Revenue Ruling 59-60 remains one of the most foundational guides for determining value. Among the key factors it ...

Avoid Estimated Tax Surprises

If you're self-employed, run a small business, or earn rental or investment income, quarterly estimated tax payments may be critical to your tax ...

Selling Your Vacation Home? Tax-Smart Strategies to Consider

In many popular vacation destinations, property values and insurance costs have soared. If your vacation home has appreciated significantly, now may ...

IRS Expands Theft and Fraud Loss Deductions

The Tax Cuts and Jobs Act (TCJA) significantly restricted the types of theft losses that can be deducted on federal income tax returns. However, a ...

Planning Ahead: 5 Succession Strategies and Their Tax Implications

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders ...

Turning Market Losses into Tax Opportunities

Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such ...

Payroll Tax Pitfalls: 6 Things Small Businesses Should Know

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal ...

In the News: 3 Fraud Schemes Making a Comeback

Fraud schemes are always evolving. Once frauds are widely publicized and consumers and businesses learn to spot common scams, enterprising criminals ...

Small Business Alert: The 100% Penalty That Hits Hard

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from ...

Are You a Tax-Favored Real Estate Professional?

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can ...

Do You Have an Excess Business Loss?

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need ...

Can I Itemize Deductions on My Tax Return?

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they ...

Financial Relief for Families: The Benefits of the Child Tax Credit

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or ...

A Heavy Vehicle Plus a Home Office Equals Tax Savings

New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for significant first-year depreciation write-offs. ...

Harness the Power of QuickBooks for Your Business

Accurate financial records help business owners manage cash flow, tax obligations and strategic planning. QuickBooks® is one of the most widely used ...

What Your Nonprofit Should Know About Credit Loss Reporting Rules

The Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13 seems like it would be old news. However, the provision ...

Boost Benefits with PA’s New Employer Tax Credit for 529 Contributions

In today's competitive job market, offering meaningful benefits can set your company apart and help attract and retain top talent. Pennsylvania's new ...

5 Compelling Reasons to Outsource Your Bookkeeping

Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers ...

'What Now?' A Trustee / Executor's Guide to Getting Started

Have you been named as executor of your parent's estate? What does this job entail? Acting as an executor of an estate can involve a great deal of ...

Cash Flow Clarity: Properly Classifying Your Financial Statements

Properly prepared financial statements provide a wealth of information about your company. But the operative words there are "properly prepared." ...

Year-End Tax Moves: It's Not Too Late!

As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many ...

What's Next? Tax Impacts of the 2024 Election

President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax ...

Behind the Audit: How Auditors Verify Balances and Transactions

Audit season is just around the corner for calendar-year entities. Understanding the types of source documents your audit team might request can ...

1099 Filing Season: Are You Ready?

As the year winds down, the clock begins ticking for tax season—and 1099 filing is a key priority. For businesses that work with independent ...

Prepare For The 2025 Social Security Wage Base Increase

As we look ahead to 2025, changes are on the horizon that may affect your business's payroll planning. The Social Security Administration has ...

Is Your Company Protecting Employees' 401(k) Savings from Fraud?

A recent case involved a 401(k) plan participant who was defrauded of approximately $740,000 by overseas criminals. Unfortunately, fraud involving ...

How a 529 Plan Can Unlock Your Child's Education Fund

If you have a child or grandchild planning to attend college, you've likely heard about 529 plans—qualified tuition programs designed to help prepay ...

Self-Employed? Here's How a Solo 401(k) Can Help Build Your Nest Egg

If you're self-employed or own a small business with no employees (other than your spouse), a solo 401(k) can be an excellent option for retirement ...

Are NIL Collectives Breaking IRS Rules? What You Need to Know

In 2023, the IRS Chief Counsel released Memorandum AM 2023-004, which examined whether Name, Image, and Likeness (NIL) collectives, established to ...

How Recent Election Results Could Impact Your Taxes

The outcome of the November 5 election is likely to impact taxes significantly. Many provisions in President-elect Donald Trump’s signature tax ...

Reasons an LLC Might Be the Ideal Choice for Your Business

Choosing the right business structure is a critical decision for any business owner. For many small and medium-sized businesses, a limited liability ...

Does Your Business Need to Report Employee Health Coverage?

Offering employee health coverage is a major benefit for many companies, but with it comes a range of reporting requirements to federal agencies like ...

Understanding the $7,500 Tax Credit for Buying an Electric Vehicle

Electric vehicles (EVs) are becoming more popular, with their share of the U.S. vehicle market rising from 5.9% in 2022 to 7.6% in 2023, according to ...

Strong Controls Over Financial Reporting Are Essential

Public companies are required by the Securities and Exchange Commission (SEC) to evaluate and report on their internal controls over financial ...

Help Ensure Your Partnership or LLC Complies with Tax Law

Whether you're structuring a new partnership or updating an existing LLC operating agreement, understanding the tax implications of your decisions is ...

Federal Action on Paying College Athletes Wanted

Since the NCAA began allowing college athletes to profit from their Name, Image, and Likeness (NIL) in 2021, athletes across the country have been ...

Reminder: Profits and Cash Flow Aren't the Same

Many business owners are often confused when they show a profit but still struggle to pay bills. The key to understanding this discrepancy is ...

IRS Releases Tax Inflation Adjustments for Tax Year 2025

The IRS has announced the annual inflation adjustments for tax year 2025, as outlined in Revenue Procedure 2024-40. These adjustments will impact ...

Taxes Take Center Stage in the 2024 Presidential Campaign

Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates’ ...

Year-End Tax Moves to Save Your Small Business Money

With Labor Day behind us, it's time to take proactive steps that may help reduce your small business's taxes for this year and next. A common ...

Are You Liable for Two Extra Taxes This Year?

A high income could subject you to two extra taxes: the 3.8% Net Investment Income Tax (NIIT) and the 0.9% additional Medicare tax on wage and ...

IRS Changes Let You Keep Cash in Your 401(k) Longer

The IRS recently published new regulations for taxpayers subject to the "10-year rule" for required minimum distributions (RMDs) from inherited IRAs ...

Is Your Business Prepared for a Fraud Crisis?

Your business likely has a disaster plan to address fires, natural disasters, or other incidents that could disrupt operations. While a fraud ...

FinCEN's New Reporting Rules: Is Your Business Ready?

With the deadline for the Corporate Transparency Act (CTA) fast approaching, the Financial Crimes Enforcement Network (FinCEN) continues to clarify ...

NIL Rule Changes: Tax Impacts for Schools Explained

The college athletics landscape is undergoing a significant transformation, particularly with introducing Name, Image, and Likeness (NIL) ...

Businesses, Are You Ready for the September 16th Tax Deadline?

Attention S Corporations and Partnerships: An important tax filing deadline is approaching! Ensure you submit Forms 1120S and 1065 by September 16, ...

Federal Court Rejects FTC’s Noncompete Agreement Ban

In April 2024, the Federal Trade Commission (FTC) approved a groundbreaking rule that would have prohibited most noncompete agreements with employees ...

Office Supply Fraud Is Sneaky but Preventable

Office supply scams are a tricky type of vendor fraud that generally use behavioral psychology and often depend on poor intraoffice communications ...

Summertime Activities That Can Yield Tax Savings

As summer, a season often associated with relaxation and fun comes to a close, it's important to remember that it's not too late to capitalize on ...

Navigating the New Section 174 Rules: Amortizing R&E Expenditures

The Tax Cuts and Jobs Act of 2017 introduced significant changes to Section 174 of the Internal Revenue Code, affecting how businesses handle ...

Benefits and Tax Implications of Athlete Employment

Institutions are grappling with significant changes around athlete employment status in the rapidly evolving landscape of collegiate athletics. The ...

Boost Your Bottom Line by Understanding Your Internal Audit

For many, the word "audit" conjures up images of tax auditors camping out in dark offices or reading intimidating letters from the IRS. However, an ...

End Purchase Order Chaos with a Structured Approval Process

Many businesses struggle with procurement, whether hiring contractors, buying equipment, or paying vendors. Here are some tips for streamlining your ...

The Possible Tax Landscape for Businesses in The Future

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The ...

Best Practices for Expense Reporting

Effective expense reporting is essential to maintaining rigorous financial controls critical to any business's profitability. Monitoring employee ...

IRS Ramps Up Compliance Enforcement Against Certain Businesses

The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers ...

Understanding Fraud, Waste and Abuse for Not-for-Profits

Fraud, waste, and abuse can severely impact not-for-profit organizations' financial health and reputation. Understanding and mitigating these risks ...

Financial Due Diligence in M&A: Historical Financial Statements

Comprehensive due diligence is essential when acquiring a business. Financial due diligence, in particular, can be daunting, especially for ...

QuickBooks Online: Should You Make the Switch?

With the evolution of cloud computing, many businesses are considering switching from traditional desktop accounting software to cloud-based ...

Protect your Organization from ACH Fraud

ACH fraud occurs when unauthorized transactions are made through the ACH network, which processes large volumes of credit and debit transactions. ...

Navigating Tax Obligations for College Athletes with NIL Income

If you're a college athlete, you can make a massive fortune of up to seven figures using your name, image and likeness (NIL). It all amounts to you ...

Bookkeeping Provides a Solid Foundation for Financial Reporting

Accurate bookkeeping is essential in the complex world of business finance. It is the bedrock of reliable financial reporting, ensuring your ...

What Might Be Ahead as Many Tax Provisions Are Scheduled to Expire?

As we approach the end of the year, it's essential to be aware of the numerous tax provisions set to expire. These changes could significantly impact ...

Should You Convert Your Business from a C to an S Corporation?

Choosing the right business entity has many implications, including the amount of your tax bill. The most common business structures are sole ...

Tax Advantages of Including Debt in a C Corporation Capital Structure

Let’s say you plan to use a C corporation to operate a newly acquired business, or you have an existing C corporation that needs more capital. You ...

Nonprofits Don't Lose as Much to Fraud, but Risk Requires Action

According to the Association of Certified Fraud Examiners (ACFE’s) Occupational Fraud 2024: A Report to the Nations, not-for-profits suffer roughly ...

4 Cost-cutting Areas to Help Your Business Boost Profits

Many businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In ...

4 Bookkeeping Pitfalls for Small Businesses to Avoid

Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have ...

Shoring Up Protections Against Expense Reimbursement Fraud

One type of occupational fraud scheme that became more costly for employers since the beginning of the COVID-19 pandemic in 2020 is expense ...

Why Audited Financials Matter

Reliable financial reporting is key to any company’s success. Here’s why your business should at least consider investing in audited financial ...

Feds Expand Overtime Pay & Ban Noncompete Agreements

The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are exempt from ...

How Renting Out a Vacation Property Will Affect Your Taxes

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Perhaps you’re fortunate enough to already own one. In either ...

Have You Had Your Fraud Checkup?

Victims of fraud often wonder why their auditors didn't flag the deception. "We got a clean opinion!" they might protest. "Why didn't they catch this ...

Update on Retirement Account Minimum Distributions

If you have a tax-favored retirement account, including a traditional IRA, you’ll become exposed to the federal income tax-required minimum ...

IRS Issues Guidance on Tax Treatment of Energy Rebates

The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and ...

Maximize the QBI Deduction Before It's Gone

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So, if ...

5 Common Mistakes in Estate Planning and How to Avoid Them

Putting together an estate plan is one of the most significant actions you can take for yourself and your loved ones. It’s also one of the most ...

Coordinating Sec. 179 Tax Deductions with Bonus Depreciation

Your business should generally maximize current-year depreciation write-offs for newly acquired assets. Two federal tax breaks can help achieve this ...

Inheritance Unplanned: The Unexpected Impact of Taxes on Families

Estate taxes are a complex and frequently misunderstood part of financial planning that can significantly impact the inheritance process. The federal ...

Cash Reserve Policies and Considerations for Cash Management

Nonprofits operate in a complex market full of near-constant challenges and changes. Technology advances, an uncertain economy, changing donor ...

Tips For Investigating Employee Fraud Leads

Occupational fraud is a crime generally committed by employees against their employers. Ironically, employees also are most likely to notice or ...

Business Valuation Focuses on Both Quantitative & Qualitative Factors

Selling a company can be a complex and emotional experience, complicated by a number of factors such as unfavorable economic conditions, reluctance ...

Federal Court Finds Corporate Transparency Act Unconstitutional

A U.S. District Court judge in Alabama has ruled the Corporate Transparency Act (CTA) unconstitutional. The CTA was enacted as part of the Anti-Money ...

President Biden’s Proposed Budget Highlights His Tax Agenda

President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual ...

Navigating Your TaxCaddy Software and Document Submission Process

As we navigate another tax season together, we want to ensure your experience with TaxCaddy and our workflow is as smooth and efficient as possible. ...

Independent Contractor vs Employee Status: DOL Issues New Final Rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for ...

Optimizing Tax Strategies Amid Business Losses

Business losses can sting, particularly when they are large and unexpected. However, there are numerous ways the tax code can help mitigate the ...

Financial Insights & Tax Impacts of Short vs. Long-Term Rentals

In the ever-evolving realm of real estate, opting for either short-term or long-term rentals transcends mere convenience; it represents a choice with ...

Tax Implications for Social Security Benefits: What You Need to Know

Understanding the nuances of tax laws, especially those pertaining to Social Security benefits taxation, is necessary for accurate tax preparation ...

Key Tax Tips for Sole Proprietor Startups

When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need ...

Audits vs Fraud Detection: Bridging the Gap with Forensic Services

Victims of fraud often wonder why their auditors didn't flag the deception. "We got a clean opinion!" they might protest. "Why didn't they catch this ...

Child Tax Credit Bill Advances in House, Senate Decision Pending

The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote of 357 to ...

Employer Tax Deadline Reminder

With tax season rapidly approaching, the IRS reminds employers that Jan. 31 is the deadline for submitting wage statements and forms for independent ...

Don't Overlook Taxes when Contemplating a Move to Another State

When you retire, you may think about moving to another state — perhaps because the weather is more temperate or because you want to be closer to ...

Tackling Nonprofit Fraud: Awareness and Prevention

Fraud perpetrated through cyberattacks and social engineering has increased significantly over the past few years. Forensic services teams are busy ...

Preparing Your Business Books for the New Year

With the new year upon us, the time has come to close the books on 2023. For many companies, January is also the beginning of the new fiscal year, ...

Tax Credit Opportunities for Employers of Tipped Employees

If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving ...

Real Estate Gains: Deferring Taxes with Like-kind Exchanges

If you’re interested in selling commercial or investment real estate that has appreciated significantly, one way to defer a tax bill on the gain is ...

The Importance of Appraisals Beyond Business

Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of ...

11 Exceptions to the 10% Penalty Tax on Early IRA Withdrawals

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before ...

A Company Car is a Valuable Perk, but Don’t Forget About Taxes

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax ...

What is Residual Fraud Risk — and What Can Your Business Do About It?

By regularly analyzing risk, business owners and executives can better understand and manage the likelihood and potential impact of fraud. Generally, ...

The Anatomy of a Client Accounting Services (CAS) Team

Client Accounting Services (CAS), sometimes referred to as Client Accounting Advisory Services (CAAS), is a specialized field within the accounting ...

Maximize Year-End Giving with Annual Gift Tax Exclusion

With the holidays approaching, you might be considering making gifts of stock or cash to family members and other loved ones. By using the annual ...

Key 2024 Inflation-adjusted Tax Parameters for Small Businesses

The IRS recently announced various inflation-adjusted federal income tax amounts. Here’s a rundown of the amounts that are most likely to affect ...

New Reporting Rules for Businesses: Compliance Obligations Explained

Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), ...

Surprise Bill For Those Who Underpay Their Taxes: Penalty Jumps to 8%

Failing to keep up with tax payments now could lead to an expensive surprise come next spring. As of Oct. 1, the Internal Revenue Service is charging ...

IRS Delays New Reporting Rule for Online Payment Processors

For the second consecutive year, the IRS has postponed the implementation of a new rule that would have led to an estimated 44 million taxpayers ...

Take Action Now to Reduce Your 2023 Income Tax Bill

Several factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest ...

How Does Industry Affect Fraud Risk?

Constant vigilance is the most critical control to prevent fraud risk. Employee fraud happens when a motivated individual who knows of a weakness ...

Tips For a Smoother Month-end Close

Does your company struggle to close its books at the end of each month? The month-end close requires accounting personnel to round up data from ...

Future Emergency? Two New Tax Provisions May Soon Provide Relief

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out ...

FinCEN Identifier: The Final Rule Details What You Need to Know

Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule regarding when a reporting company may report an entity’s FinCEN ...

Reporting Requirement for Shareholder Health Insurance

The IRS requires that an S-Corporation shareholder report the amount paid for each officer’s health insurance as additional wages on Form W-2 Box 1 ...

Importance of Obtaining W-9s and Issuing 1099s

To make the process as quick and painless as possible, follow these tips:

Investment Swings: What's the Tax Impact?

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided ...

Cash Flow Management: 3 Tips from an Accounting Firm

Cash is essential to the health of your business. It's the accelerator that enables growth and ensures the business's very survival. To help business ...

Financial Statements at a Glance

Financial statements tell investors information about an organization’s financial performance, helping to ensure corporate transparency and ...

Plan Now for Year-end Gifts with the Gift Tax Annual Exclusion

Now that Labor Day has passed, the holidays are just around the corner. Many people may want to make gifts of cash or stock to their loved ones. By ...

IRS Issues Guidance on New Retirement Catch-up Contribution Rules

In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping ...

It's Important to Understand How Taxes Factor into M&A Transactions

In recent years, merger and acquisition activity has been strong in many industries. If your business is considering merging with or acquiring ...

Selling Your Home for a Big Profit? Here are the Tax Rules

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the ...

New Report Identifies High-Risk Areas in Financial Reporting

In July 2023, the Public Company Accounting Oversight Board (PCAOB) published a report that highlights common areas of audit deficiencies for public ...

7 Essential Questions to Ask Before Hiring a Bookkeeping Service

Bookkeeping services are essential to any growing business, but the idea of hiring a bookkeeper can be intimidating for any small business owner. ...

Disabled Family Members May Be Able to Benefit from ABLE Accounts

If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for ...

Divorcing Business Owners Should Pay Attention to the Tax Consequences

If you’re getting a divorce, you know the process is generally filled with stress. But if you’re a business owner, tax issues can complicate matters ...

Is QuickBooks Right for Your Nonprofit?

Not-for-profit organizations exist to achieve nonfinancial or philanthropic goals, not to make money or build value for investors. But they still ...

IRS Suspends Processing of ERTC Claims

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at ...

The Advantages of Using an LLC for Your Small Business

If you operate your small business as a sole proprietorship, you may have considered forming a limited liability company (LLC) to protect your ...

What is Reasonable Compensation for an S Corp?

Reasonable compensation for owners of S Corporations is an IRS audit issue.

9 Signs You Need to Hire a Forensic Accountant

You own and operate a small-to-medium-sized business and have devoted your life to making this company profitable. You have sacrificed and dedicated ...

Moving Mom or Dad into a Nursing Home? 5 Potential Tax Implications

More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking ...

How Outsourced Accounting Can Elevate Your Accounting Structure

Building a successful business over time takes consistency and dedication. Your team and day-to-day accounting operations are working well to deliver ...

Pocket a Tax Break for Making Energy-efficient Home Improvements

According to the National Weather Service, an estimated 190 million Americans have recently been under heat advisory alerts. That may have spurred ...

3 Types of Due Diligence to Consider Prior To Buying A Business

There is no single process that everybody follows when purchasing a business, and many factors determine whether a business, once bought, will ...

IRS Provides Transitional Relief for RMDs and Inherited IRAs

The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking ...

Starting A Business? How Expenses Will Be Treated on Your Tax Return

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports ...

That Email or Text from the IRS: It's A Scam!

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through ...

Why Some Small Businesses Are Switching to Tax-Basis Reporting

Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity ...

The Best Way to Survive an IRS Audit Is to Prepare

The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. ...